Athens has relinquished full control of grid operator

The Greek state will no longer have full control of power grid operator ADMIE, despite what the government has professed, according to the unpublished agreement between Greece and the State Grid Corporation of China.

The details of the deal with the Chinese company have been revealed in the informative document of the holding company set up for the listing of 51 percent of Independent Power Transmission Operator (ADMIE) on the Greek stock market in the context of the splitting of the grid company from Public Power Corporation.

The document illustrates the increased role of the Chinese in ADMIE once the deal is implemented, and reveals their right to depart from ADMIE by transferring their stake to anyone interested in it, as well as their option to increase their stake if the state decides to sell shares in the company through the “right of first offer.”

The term allowing the Chinese firm to opt out of the Greek grid operator within six months due to failure to reach a friendly settlement in case of a disagreement with the Greek state means that the investor could even create an artificial crisis at ADMIE if it wanted out.